June 2007/5

Banking giant HSBC Holdings has formed a joint venture with the UK’s largest insurer, Aviva, to sell general insurance products in the domestic market.

Lloyd’s (re)insurance broker, Newman Martin and Buchan Ltd (NMB), has become the latest intermediary to launch a capital markets division, which will be headed by alternative risk transfer veteran Mark Burbidge and senior reinsurance player, Paul Dunster.

Administrators PricewaterhouseCoopers (PwC) announced today a final payment of 76.75 percent to creditors under the Trinity Insurance Company Ltd scheme of arrangement.

Swiss (re)insurer Zurich Financial Services Group (ZFS) announced the establishment of a new division for its direct business in Europe effective 1 July, with a subsequent internal management re-shuffle.

The board of Fairfax Financial Holdings controlled reinsurer Odyssey Re has authorised a share buyback programme, the company announced.

CastlePoint Insurance Company, the US subsidiary of Bermudian (re)insurer, Castlepoint Holdings Ltd announced a risk sharing agreement with a Florida-based workers’ compensation and commercial auto specialist, AequiCap Insurance Company and its subsidiary

Shipowners were warned last week about the growing threat of piracy around the Horn of Africa.

Bermudian property cat specialist IPC Holdings Ltd has executed around half of its authorised share repurchase programme in the second quarter of 2007, it announced last week.

Bermuda-headquartered Lloyd’s (re)insurer Catlin Group has appointed Nick Greggains and Andrew Englesbe to lead the underwriting on its US platform.

Balance sheet confidence is high among Bermudian (re)insurers following a strong 2006 and first quarter 2007, with share buy-backs and reserve releases prevalent on the island despite softening market conditions, according to the latest Benfield Bermuda Q

The alleged poaching dispute between Gen Re and Arch took a new turn last week, when the temporary restraining order granted against Arch Capital and four former Gen Re executives in May was lifted and replaced by an agreed-upon order between the parties.

Reinsurance broker Guy Carpenter has said it will mandate the use of the Electronic Claims File (ECF) for all in-scope claims from the Lloyd’s market as of 1 January 2008.